Ringgit closes lower against US dollar on lack of catalysts

KUALA LUMPUR: The ringgit closed lower against the greenback on lack of new catalysts despite the US Dollar Index (DXY) moving downward by 0.2 per cent, said an analyst.

At 6 pm, the local note fell to 4.4185/4225 versus the US dollar compared with Wednesday’s closing rate of 4.4155/4210.

Bank Muamalat Malaysia Bhd chief economist and social finance Dr Mohd Afzanizam Abdul Rashid said that based on the equities market performance, it seemed that a risk-on mode is still fairly visible despite receding concern over the United States banking sector.

"The ringgit is currently moving slightly above the support level of RM4.4099, and no longer in an oversold position, implying that it needs a stronger catalyst to appreciate further,” he told Bernama.

Meanwhile, the ringgit was also traded lower against a basket of major currencies.

The local note slightly dropped against the British pound to 5.4533/4582 from 5.4531/4599 at Wednesday’s closing, declined vis-a-vis the euro to 4.7985/8028 from 4.7943/8003 but improved versus the Japanese yen to 3.3282/3315 from 3.3524/3569 yesterday.

At the same time, the ringgit was traded mostly lower against Asean currencies.

It fell against the Singapore dollar to 3.3244/3279 compared with 3.3219/3263 yesterday, was marginally lower against the Philippine peso at 8.12/8.13 from 8.11/8.12 and slipped against the Indonesian rupiah to 293.60/294.00 from 293.20/293.70 previously.

It improved vis-a-vis the Thai baht to 12.8970/9147 from 12.9267/9485. - Bernama

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